Hedera HBAR Poised for Bullish Breakout After Grayscale ETF Registration
HBAR is showing signs of a looming breakout from a bullish pennant formation. Prices could surge towards $0.40. The volume is shrinking while HBAR tests resistance, suggesting a breakout is near.
A key growth occurred on August 12 when Grayscale registered a Hedera Trust ETF in Delaware. This adds fuel to the bullish fire for HBAR. The price had struggled twice at $0.30 resistance after emerging from a double bottom at $0.23.
The subsequent pullback retested the breakout zone but held above $0.23 support. Now, the price has formed a bullish pennant, indicating a potential upward continuation.A bullish EMA 20/SMA 50 crossover supports this view.
The current daily candlestick tests the pennant’s upper bound, with volume rising around 30% over 24 hours. If HBAR breaches this pennant, the next target could be $0.37,based on the prior upwards movement.
While consolidation within the pennant is still possible, a sustained break above the lower trendline would confirm the bullish scenario.
What’s driving HBAR now? In addition to these technical factors,Grayscale’s ETF registration bolsters confidence.such moves frequently enough precede SEC filings, hinting at a potential launch of regulated HBAR investments.
Speculation is building that BlackRock might submit its own Hedera ETF filing by Monday. This could further boost HBAR’s appeal.
- Grayscale registered HBAR ETF on August 12
- HBAR’s bullish pennant hints at a $0.37 move
- Potential BlackRock ETF filing expected soon
